Hong Kong: Nearly half of businesses report increase in cost of credit management - Atradius Payment Practices Barometer
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June 2021 Hong Kong: Nearly half of businesses report increase in cost of credit management Atradius Payment Practices Barometer
SURvEY RESUlTS
SURvEY DESIgN
Vincent Ku
CEO for Atradius in Hong Kong,
South Korea and Taiwan
commented on the report
“
STATISTICAl APPENDIx
The use of risk This year’s Payment Practices Downside risks include a potential
Barometer results paint a clear resurgence of Covid-19 and
management protocols, picture of the challenges facing Hong increased insolvencies. The
such as factoring and Kong businesses as they begin to territory has been managing the
emerge from a tough period of pandemic crisis relatively well, and
credit insurance, will help economic contraction. In a bid to there is no evidence to suggest this
cushion many Hong Kong retain customer loyalty and grow will change significantly. However,
their market share, Hong Kong’s insolvencies are to be expected.
businesses from the
businesses continued to offer trade Many businesses throughout the
predicted H2 2021 surge credit throughout last year and, world have been propped up by
in bankruptcies. indeed, were second only to temporary fiscal support
Singapore in the percentage of total introduced by different
sales offered on credit throughout governments. Some businesses will
Those without cash Asia. However, this proactive and struggle to survive the removal of
dynamic approach to credit is such support programmes and
reserves big enough counterbalanced by a more risk export businesses, in particular,
to absorb large write-offs averse application of payment terms should be alert to this heightened
would be well-advised that sees Hong Kong offer the risk.
shortest terms throughout all of Asia.
to explore outsourced The widespread use of risk
risk management Taken together these results show a management protocols, such as
business community working hard factoring and credit insurance, will
options to protect their to generate trade amid the help cushion many Hong Kong
accounts receivable limitations of an uneven economic businesses from the predicted H2
”
recovery, where although the export 2021 surge in bankruptcies. Those
moving forward.
sector is showing signs of picking up, without cash reserves big enough
domestic spending remains subdued. to absorb large write-offs would be
well-advised to explore outsourced
Looking ahead there is cause for risk management options to protect
cautious optimism. A global their accounts receivable moving
economic rebound will further forward.
support the territory’s export sales.
ATRADIUS PAYMENT PRACTICES BAROMETER – RESUlTS fOR HONg KONg – JUNE 2021
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SURvEY RESUlTS
SURvEY DESIgN
STATISTICAl APPENDIx
Key takeaways
Large numbers report increase in credit Customer retention and desire to grow market
administration costs share drive credit sales
A significant number of businesses saw the administration Hong Kong businesses are almost as likely as their
costs associated with offering trade credit increase in the peers in Asia to offer trade credit to B2B customers to
year after the outbreak of the pandemic. This needs to be retain customer loyalty, and are far more likely than the
carefully managed as the cost of offering credit can reach a regional average to offer trade credit to increase their
point where it outweighs sales revenue, thus jeopardising market share. At the same time, businesses told us that
the profitability of the business especially if profit margins staying competitive and providing financial support to
are tight. their customers are less important to them as drivers
for offering trade credit.
Gradual withdrawal of fiscal support presents
potential threat to all businesses Trade credit widely used by Hong Kong
businesses
Looking ahead there is an increased risk of insolvencies
towards the end of 2021. This is because many countries Trading on credit with B2B customers is a very
throughout the world enacted business support measures common business practice among Hong Kong
last year. These are now beginning to be withdrawn respondents, with more than half of all sales conducted
presenting additional risks for all businesses in the supply on credit. Although this dipped slightly in the year
chain. Businesses along the supply chain trading on credit following the onset of the pandemic, its widespread use,
should take steps to protect their accounts receivable from signifies its importance as a tool to support sales and
this heightened credit risk. customer relationships.
ATRADIUS PAYMENT PRACTICES BAROMETER – RESUlTS fOR HONg KONg – JUNE 2021
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SURvEY RESUlTS
SURvEY DESIgN
Survey results
STATISTICAl APPENDIx
for Hong Kong
Hong Kong ranks second in Asia for use of B2B credit
Hong Kong: how do you expect your business
Credit sales comprise 57% of all B2B sales in the consumer performance to change over the coming
durables, ICT/electronics and textiles/clothing industries in months?
Hong Kong. And with a year-on-year contraction of just 5%,
credit has largely maintained a high level of popularity
despite economic challenges presented by the pandemic.
Hong Kong ranks second across the economies surveyed in
Asia for the use of credit, after the 59% average for
IMProve no CHAnge DeTerIorATe
Singapore. Its use of trade credit is higher than the 55%
seen in both China and Taiwan and higher than the 54% 26% 60% 14%
average for Asia.
Which key developments will drive your
The proportion of credit sales in Hong Kong’s business improvement?
ICT/electronics industry is in line with that of peers in Asia,
% of respondents
whereas the Hong Kong consumer durables (61%) and DOMESTIC MARKET
textiles/clothing (66%) industries are higher than the
regional averages across Asia (58% consumer durables and 42%
57% textiles/clothing). Credit sales to domestic customers EXPORTS
average 54% of the total value of sales (regional average:
56%) Credit sales to foreign customers average 46% 25%
(regional average: 44%). This percentage split does not vary BOTH DOMESTIC MARKET AND EXPORTS
significantly compared to last year. The proportion of credit
sales in the consumer durables and ICT/electronics
33%
industries is equal to that of Hong Kong’s peers at regional
Sample: all interviewed companies
level. Conversely, the textiles/clothing industry sells on Source: Atradius Payment Practices Barometer - June 2021
credit far more often than its peer industry in Asia.
ATRADIUS PAYMENT PRACTICES BAROMETER – RESUlTS fOR HONg KONg – JUNE 2021
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only 7% of businesses (9% in Asia) turned down more trade
52%
SURvEY RESUlTS
credit requests than last year. This was most often due to
insufficient information on the customer’s past payment
performance.
of the total value of all B2B sales of the
Credit administrative costs increase for nearly half
businesses polled in Hong Kong is of businesses
overdue. This is higher than last year’s
48% in Hong Kong and slightly above nearly half of Hong Kong businesses (in line with the
response rate for the region) told us their credit sales
the current 50% average for Asia.
SURvEY DESIgN
administrative costs increased in the year that followed
the pandemic outbreak. This was most often reported by
the businesses that opted to retain and manage customer
Credit offered in a bid to retain customers credit risk themselves through self-insurance. Around
43% of respondents in both Hong Kong and Asia told us
When we asked why they chose to trade on credit, over half their capital costs (i.e. financing or interest costs paid
of Hong Kong businesses (almost on par with their peers in during the time-lag between the credit sale and the invoice
Asia) told us they were encouraging repeat business with payment) increased following the pandemic outbreak.
established customers. 35% told us they accepted credit
STATISTICAl APPENDIx
requests to win new customers (regional average 26%). This was most often reported by businesses that managed
Protection of their competitive position and provision of trade debts by sending invoice payment reminders. 39% of
financial support to financially distressed customers was businesses spent more on debt collection in the year that
cited as a reason for offering trade credit far less often than followed the pandemic outbreak (regional average: 42%).
by their peers in Asia. not surprisingly this was most often reported by
businesses that largely outsourced trade debt collection.
Although fewer businesses in Hong Kong (37%) than in Asia However, an equal percentage of businesses (39%) told us
(44%) reported an increase in trading on credit in the months that they were unsuccessful at trade debt collection (a
following the outbreak of the pandemic, a larger percentage greater percentage than Asia’s 33%). This was most
(54%) than the regional average (45%) told us that they common among businesses that did not use credit
continued to use credit at the same pace as last year. management techniques or tools.
When assessing customer creditworthiness, 65% of survey
Hong Kong: top 5 greatest challenges to business respondents rely most often on financial statements, and
profitability in 2021 60% on bank references. Least-common in Hong Kong is
the use of credit reports from specialist agencies (cited by
% of respondents
28% of respondents compared to 40% in Asia).
Maintaining adequate cash flow
26% Hong Kong offers shortest payment terms in Asia
Containment of costs Hong Kong extends the shortest payment terms in Asia,
20% namely 37 days compared to the regional average of 54
days. This is shorter than last year (43 days) and suggests
Economic crisis due to the coronavirus pandemic local businesses are increasingly risk averse, especially in
14% comparison to their peers in Asia. 65% request payment
within 30 days, significantly more than last year’s 49%,
Bank lending restrictions (regional average: 54%).
13%
Payment terms are set according to the following main
Falling demand for your products and services criteria: company standard payment terms (39% in Hong
Kong, 53% in Asia); matching supplier’s payment terms
11%
(37% in Hong Kong, 42% in Asia); and availability and cost
Other of capital needed to finance credit sales (35% in Hong
Kong, 43% in Asia). Despite being lower than the Asian
16% averages, these results indicate that businesses in Hong
Sample: all interviewed companies
Kong are focused on working capital management as a
Source: Atradius Payment Practices Barometer - June 2021 way to ensure the business has adequate funds to run
their operations and meet their payment obligations.
ATRADIUS PAYMENT PRACTICES BAROMETER – RESUlTS fOR HONg KONg – JUNE 2021
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More than half of all payments are overdue
SURvEY RESUlTS
Hong Kong: on average, within what time frame
52% of the total value of all credit sales is overdue (higher do your B2B customers pay their invoices?
than last year’s 48% in Hong Kong and slightly above the
% of respondents
current 50% average for Asia). Despite this increase
affecting credit sales, just over half of the businesses ON TIME
polled (53%) recorded no change in payment timings over 44%
the past 12 months (regional average: 51%).
LATE
Fewer respondents in Hong Kong (35%) than in Asia (40%)
52%
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told us that their customers delayed payments beyond due
dates. Less than 10% of respondents in Hong Kong and WRITE-OFFS
Asia alike told us that customers sped up invoice 4%
payments. on average, 4% of long-term outstanding
invoices (over 90 days) are written off (regional average: Sample: all interviewed companies
5%). Source: Atradius Payment Practices Barometer - June 2021
Business confidence dented by uneven economic
recovery Hong Kong businesses intend to continue offering trade
STATISTICAl APPENDIx
credit to customers, with 42% planning to do so to allow
Hong Kong businesses are significantly more pessimistic their customers more time to pay invoices (regional
than their peers in Asia in regards to an improvement in average: 36%). of course, in light of this, strong credit
their business performance over the next coming months management is paramount.
(26% anticipate growth, compared to 52% in Asia). Indeed
more than twice as many businesses in Hong Kong than To mitigate the impact of credit risk, more businesses in
Asia predict business deterioration (14%, compared to the Hong Kong (47%) than in Asia (40%) said they plan to avoid
regional average of 5%). concentrations of risk. 40% anticipates using letters of
credit more frequently over the coming months (regional
There is general agreement between businesses in Hong average: 37%). 36% anticipates outsourcing trade debt
Kong and Asia, that any growth will be mainly due to a collection to specialists (regional average: 32%) and the
domestic economic rebound (42% of respondents in Hong same percentage anticipates wider usage of trade credit
Kong compared to 48% in Asia) and to a combination of insurance (on par with the average for the region). 59%
both healthier export flows and domestic economic told us they believe this will help keep DSo levels stable
rebound (33% of respondents in Hong Kong compared to (regional average: 48%).
36% in Asia). Where opinion across the region differs is
when looking exclusively at exports. There is greater However, businesses polled in Hong Kong are less
optimism amongst Hong Kong businesses (25%) than their optimistic about the outlook for DSo over the coming
peers in Asia (15%) about improvement in business months than their peers in Asia. 32% of businesses in Hong
performance stemming only from exports. Kong do not anticipate any improvement in DSo over the
coming months, compared to 38% in Asia. 26% of
businesses in both Hong Kong and Asia alike plan to focus
on effective cash flow management and the containment
of credit management costs to ensure adequate liquidity
levels.
64 days
is the average time it takes suppliers in
Hong Kong to collect overdue B2B invoices.
ATRADIUS PAYMENT PRACTICES BAROMETER – RESUlTS fOR HONg KONg – JUNE 2021
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Overview of payment practices in Hong Kong
By industry
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CONSUMER DURABLES This different approach to credit management is also
> reflected in the lower percentage of write-offs reported by
the industry in Hong Kong (just 1% of the total value of
Overview receivables compared to the 4% average in Asia).
This wide difference may reflect the fact that more
Weak household consumption is making economic businesses in Hong Kong (60%) than in Asia (55%)
recovery uneven and, mainly driven by export growth, outsourced the collection of longer-term outstanding
the use of trade credit in B2B trade relationships is invoices (more than 90 days overdue).
STATISTICAl APPENDIx
expected to increase. Cash flow issues and loss of
revenue stemming from the pandemic downturn, has This may also explain why DSo in the consumer durables
caused concern over the protection of financial industry in Hong Kong averages 81 days, which is far
flexibility and has led to greater outsourcing of credit shorter than the average 110 days for the same industry in
risk management than is seen on average in Asia. Asia.
Against this backdrop, businesses in the industry tell us Confidence is low among Hong Kong’s consumer
they plan to focus on customer credit risk management durables businesses
over the coming months and anticipate improvement in
their business performance. Amid concerns over weak household consumption, 27% of
businesses in the industry are pessimistic about an
More than half of all consumer durables credit improvement in business performance. This is much
sales are overdue higher than their industry peers in Asia (16%). In the
instances where businesses did predict improvement, 67%
55% of the total value the industry’s credit sales is told us they believed this would come from a rebound of
overdue. This is significantly higher than the 43% the domestic economy. Most respondents in Hong Kong
average in Asia. Therefore, it may be not come as a (37%, far higher than the 24% average for the industry in
surprise that businesses in the Hong Kong consumer Asia) do not expect to see changes in their business
durables industry spent more time, costs and resources performance over the coming months.
than their peers in Asia to chase overdue invoices over
the past year (reported by 61% of businesses in Hong 20% of the industry is concerned about maintaining
Kong compared to 50% in Asia). adequate cash flow levels over the coming months (equal
to peers in Asia). However, Hong Kong businesses are
However, a comparison between credit management more worried than the Asian average about potential bank
approaches, shows that Hong Kong focuses more on lending restrictions that could hamper their ability to
reducing credit risk concentrations (cited by 68% of access cash to weather market fluctuations and contain
respondents in Hong Kong compared to 59% in Asia) and credit management costs in the coming months.
by adjusting payment terms according to credit risk
profiles (69% in Hong Kong compared to 60% in Asia). When it comes to the outlook for the use of trade credit
over the coming months, 30% of the industry in the Hong
In addition, their industry peers in Asia appear to favour Kong believes that it will become more widespread over
tools aimed at accelerating cash inflows to avoid the coming months (regional average: 20%). In addition,
liquidity shortages, such as trade debt securitisation the majority (47%) report this will primarily be aimed at
(50% of businesses in Hong Kong compared to 63% in supporting customers by allowing them more time to pay
Asia). (regional average: 27%).
ATRADIUS PAYMENT PRACTICES BAROMETER – RESUlTS fOR HONg KONg – JUNE 2021
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TEXTILES/CLOTHING
>
Overview
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Business performance and customer credit risk in the Hong
Kong textiles/clothing industry remain poor. Hong Kong
serves as a middleman between mainland China factories
and overseas end-buyers. In the domestic market,
wholesalers and retailers are facing lower demand due to
social distancing measures and decreased footfall, although
online sales have increased. However, even though the
industry experienced a harder impact than peers in Asia, it
SURvEY DESIgN
did well in managing write-offs and DSo fluctuations.
Concern over liquidity levels and containment of credit
management costs do remain, but business confidence on the business. For example Hong Kong’s
seems to be positive, particularly in anticipating an textiles/clothing industry wrote off 4% of the total value of
improvement in sales and profits stemming chiefly from B2B receivables. This is much lower than the 7% average
healthier export flows over the coming months. for the same industry at regional level.
Late payments hit Hong Kong harder than peers in DSo in Hong Kong is far shorter than the industry average
STATISTICAl APPENDIx
Asia for Asia, averaging 49 days, compared to 81 days for the
region. This pattern was also evident in the percentages of
Businesses in Hong Kong’s textiles/clothing industry businesses reporting average DSo in the 60-90 day and
appear to be the most negatively impacted by late more bracket (44% in Asia compared to just 11% in Hong
payments of all of the industries we surveyed in the Kong). 59% of the industry in Hong Kong reported no
territory over the past 12 months. Apart from write-offs, change in DSo over the past 12 months (regional average:
which they were relatively good at containing, local 42%). Correspondingly, far fewer businesses in Hong Kong
businesses also appear to have fared worse than the (26%) than in Asia (48%) reported increased DSo over the
industry in Asia. 61% of the total value of all B2B sales on past 12 months; and 5% in Hong Kong (3% Asia) reported
credit was reported overdue. This is higher than the 50% shorter DSo than one year ago.
average for the industry in Asia and despite that fact that
Hong Kong businesses reported requesting payment in Cash flow worries more businesses in Hong Kong
cash more often than their peers in the same industry in than in Asia
Asia (56% in Hong Kong, 49% in Asia). This can largely be
explained by different approaches to credit management. Far more industry respondents in Hong Kong (31%) than in
The exception is the use of letters of credit, which was Asia (18%) told us they are concerned about maintaining
reported by a similar percentage in both geographies (64% adequate cash flow over the coming months. 21% (higher
in Hong Kong and 63% in Asia). 62% of clothing/textiles than 16% in Asia) are concerned about containing credit
business in Hong Kong reported resorting to self-insurance, management costs over the same time frame. Amid
fewer than the regional average of 78%. However, within concerns over the potential continuation of disruptions to
the self-insurance frame, 56% of businesses polled in Hong global supply chains, rising pandemic risk due to an
Kong reported offering discounts for early payment of unexpected resurgence of cases, and a potential ramping
invoices over the past 12 months (fewer than the regional up of geopolitical tensions over the coming months, far
average of 66%). more industry respondents in Hong Kong (62%) than in
Asia (36%) anticipate no change in their business
Moreover, significantly fewer businesses polled in performance over the coming months. For those local
textiles/clothing in Hong Kong (49%) than in Asia (63%) businesses anticipating improvement, the majority (62%,
reported they adjusted payment terms to reflect the credit compared to 21% in Asia) believes that this will chiefly
risk profile of their customers, choosing most often set stem from improved export flows. 22% anticipate
payment terms in accordance with their company improvement will come from a combination of a rebound
standards. given the above scenario, it may not come as a of the domestic economy and increased export trade flows
surprise to find that the Hong Kong textiles/clothing (regional average: 32%), while just 11% in Hong Kong
industry has to work harder than their peers in Asia to compared to 47% in Asia expect improved business
chase overdue invoices. Indeed, more businesses polled in performance to come from improved conditions of the
Hong Kong (40%) than in Asia (36%) reported spending domestic economy. 15% of industry respondents believe
more time, money and resources on resolving unpaid trade credit will be used as a sales tool more often over the
invoices over the past 12 months. This led to positive results coming months, significantly fewer than the industry
in terms of minimising the impact of customer credit risk average of 44%.
ATRADIUS PAYMENT PRACTICES BAROMETER – RESUlTS fOR HONg KONg – JUNE 2021
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ICT/ELECTRONICS In addition, the survey respondents reported a fairly
SURvEY RESUlTS
widespread use of factoring (53% in Hong Kong, 61% in
>
Asia) and trade debt securitisation (50% in Hong Kong,
Overview 58% in Asia).
The Hong Kong ICT/electronics industry plays a major role When it comes to the collection of long-term overdue
in this well-connected and open economy, acting both as a invoices (more than 90 days overdue), more industry
key ICT services provider as well as a re-export hub for respondents in Hong Kong (60%) than in Asia (54%) told us
electronic components sold to/by Chinese factories. After that they outsourced debt collection to external agencies
disruptions in H1 of 2020, the industry supply chains as a complement to their own internal trade debt
SURvEY DESIgN
resumed normal practice in the second half of last year. collection processes. This helped many to reduce DSo,
However, the industry has endured many challenges over resulting in a 90-day average for Hong Kong, which is
the past two years, due in particular to the fallout of the shorter than the 110-day for the same industry in Asia.
ongoing US-China trade war and the pandemic.
Business confidence weak in face of uneven rebound
This may explain why the industry has favoured a of domestic economy
strategic approach to credit management, more frequently
favouring outsourcing over in-house retention and Hong Kong’s ICT/electronics industry told us that when
management. Looking ahead, Hong Kong ICT/electronics looking ahead its primary concerns are protecting
STATISTICAl APPENDIx
businesses appear more confident than their Asian peers liquidity levels and the likely introduction of restrictions to
about anticipating improvement in business performance bank lending. Although local demand for electronic
and largely predict this will come from a combination of products has increased largely due to increased remote
increased exports and improved conditions of their working, business confidence in the industry appears to
domestic economy. However, they agree with their peers in be dented by an ongoing weakness of private consumption
Asia that B2B credit trade will increase over the coming on the domestic market which appear to be a holding-back
months, in particular as a short-term financing tool for factor for economic growth. This may explain why far
customers. more businesses in Hong Kong (62%) than in the industry
in Asia (53%) express pessimism about improvement in
Half of Hong Kong’s ICT/electronics invoices are business performance over the coming months.
overdue
Businesses that appear to be more confident about the
An average of 50% of the total value of Hong Kong’s B2B future expect business growth to come from a
ICT/electronics credit sales are overdue. This compares to combination of increased exports and improved
a 47% average for the same industry in Asia. Write-offs in conditions of their domestic economy. There are fewer
both Hong Kong and Asia amount to an average of 4% of survey respondents citing a rebound in the domestic
the total value of B2B receivables. economy as the sole driver of business improvement than
on average in Asia. Conversely, there is agreement
When it comes to managing customer credit risk, 40% of between the industry in Hong Kong and Asia (with an
respondents in both Hong Kong and Asia alike told us they average of 43% of respondents) that trading on credit will
had strengthened their credit management processes over be increasingly used as a short-term financing tool for
the past year, spending more time, costs and resources on customers.
resolving overdue invoices. A strong focus was applied to
avoiding customer credit risk concentrations.
This was seen more often among businesses in Hong Kong
(68%) than in Asia (59%), where industry consolidation has
increased strongly over the past few years often resulting
in a single customer representing a high proportion of the
credit sales. So businesses that are able to set sufficient
bad-debt reserves to cover a payment default told us that
they do so within the frame of self-insurance (reported by
66% in the Hong Kong industry, compared to 69% in Asia).
A significant percentage of respondents employ trade
credit insurance, helping to reduce the risk of trade debt
concentration (63% of respondents in both Hong Kong and
Asia).
ATRADIUS PAYMENT PRACTICES BAROMETER – RESUlTS fOR HONg KONg – JUNE 2021
9
Survey design for Asia
SURvEY RESUlTS
Survey objectives Sample overview – Total interviews = 1,200
Atradius conducts annual reviews of international Economy Interviews %
corporate payment practices through a survey called the China 200 16.7
Atradius Payment Practices Barometer. In this report Hong Kong 200 16.7
focusing on Asia, which is part of the 2021 edition of the Indonesia 200 16.7
Atradius Payment Practices Barometer, companies from Singapore 200 16.7
SURvEY DESIgN
six economies (China, Hong Kong, Indonesia, Singapore, Taiwan 200 16.7
Taiwan and United Arab emirates) have been surveyed. UAe 200 16.7
Due to a change in research methodology for this survey, Business sector (total Asia) Interviews %
some year-on-year comparisons are not feasible for Manufacturing 521 43.4
some of the results. Using a questionnaire, CSA research Wholesale trade/retail trade/Distribution 464 38.7
conducted 1,200 interviews in total. All interviews were Services 215 17.9
conducted exclusively for Atradius.
Business size (total Asia)
STATISTICAl APPENDIx
Survey scope Small enterprises 99 8.2
Medium-sized enterprises 896 74.7
Basic population: companies from six economies Large enterprises 205 17.1
(China, Hong Kong, Indonesia, Singapore, Taiwan and
UAe) were surveyed. The appropriate contacts for
It may occur that the results are a percent more or less than 100%.
accounts receivable management were interviewed.
This is the consequence of rounding off the results. Rather than ad-
Sample design: the Strategic Sampling Plan enables to justing the outcome so that it totalled 100%, we have chosen to leave
perform an analysis of the market data crossed by the individual results as they were to allow for the most accurate re-
sector and company size. It also allows to compare presentation possible.
data referring to a specific sector crossed by each of
the economies surveyed.
Selection process: companies were selected and
contacted by use of an international internet panel.
A screening for the appropriate contact and for quota
control was conducted at the beginning of the
interview. Statistical appendix
Sample: n=1,200 people were interviewed in total
(approximately n=200 people per market). In each Find detailed charts and figures in the Statistical
market, a quota was maintained according to three Appendix for Asia.
classes of company size. This is part of the June 2021 Payment Practices
Interview: Computer Assisted Web Interviews (CAWI) Barometer of Atradius, available at
of approximately 15 minutes duration. Interview www.atradius.com/publications
period: Q2 2021. Download in PDF format (english only).
Copyright Atradius N.V. 2021
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ATRADIUS PAYMENT PRACTICES BAROMETER – RESUlTS fOR HONg KONg – JUNE 2021
10Disclaimer
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